As another successful and exciting day of Pay360 comes to a close, we are here to wrap it up with our top picks and highlights from the event.
If you missed our recap from yesterday’s conference and exhibition, head over to our article from day one.
Panel: Navigating policy in a dynamic payments sector
Today’s panel discussion at Pay360 delved into the critical intersection of policy and innovation within the rapidly evolving payments sector. Riccardo Tordera Ricchi, Head of Policy & Government Relations at The Payments Association, skillfully guided the conversation, steering attendees through an exploration of how policymakers and payment operators are keeping pace with the dynamic landscape of payments.
Key takeaways:
Addressing frictions in cross-border payments: The panel examined how policymakers and payment operators are grappling with the diverse challenges inherent in cross-border payments. Attendees gained insights into the strategies being deployed to streamline cross-border transactions, mitigate inefficiencies, and enhance the overall user experience.
Impactful developments in the payments world: From the advent of open banking to the emergence of Open Finance, attendees heard about the transformative potential of these initiatives in driving financial inclusion, fostering innovation, and empowering consumers. The panellists also explored opportunities for stakeholders to capitalise on these developments and harness their potential to drive positive change within the industry.
The role of open finance in driving inclusion and empowerment: Panellists explored how Open Finance initiatives have the potential to democratise access to financial services, unlock new avenues for innovation, and empower consumers to take control of their financial lives. Attendees left with a renewed sense of optimism for the transformative power of Open Finance in driving positive social and economic outcomes.
Navigating the intersection of regulation and innovation
Industry leaders convened to navigate the complex intersection of regulation and innovation within the payments landscape. Moderated by Tony Craddock, Director General of The Payments Association, the discussion examined the challenges and opportunities arising from the evolving regulatory landscape and its impact on fostering innovation while ensuring consumer protection and compliance.
Key takeaways:
Balancing regulation and innovation: The panel deliberated on whether upcoming regulation plans are becoming too congested and how stakeholders can better align their focus to achieve optimal outcomes and resource utilisation. Discussions were had around striking a delicate balance between fostering innovation and implementing regulatory safeguards to mitigate risks and protect consumers.
Ensuring inclusivity in regulatory discussions: The importance of ensuring that all voices in the payments industry are heard in regulatory discussions, fostering a holistic approach to regulation that reflects the diverse needs and perspectives of stakeholders. They explored strategies for enhancing collaboration and dialogue among industry participants, regulatory bodies, and policymakers to ensure that regulatory frameworks are fair, effective, and inclusive.
Maintaining balance in the UK regulatory environment: Finally, the panel addressed how the UK can maintain a delicate balance between promoting innovation and leveraging new technologies while upholding regulatory compliance and consumer protections. The importance of fostering an enabling regulatory environment that encourages innovation while safeguarding against potential risks and ensuring trust and confidence in the payments ecosystem.
Spotlight session: Cultivating trust in the age of AI in payments
Suchitra Nair, Partner at Deloitte EMEA Centre for Regulatory Strategy, illuminated the critical importance of maintaining trust across the payments ecosystem amidst the rise of AI. As emerging technologies take centre stage in shaping the future of payments, attendees embarked on a journey to explore the transformative potential of AI while addressing the paramount need for trust and transparency.
Key takeaways:
The transformative potential of AI: Nair underscored AI’s pivotal role in revolutionising the payments landscape, offering unparalleled opportunities to enhance risk management, drive operational efficiency, and deliver seamless, personalised experiences for consumers and businesses alike.
Challenges in maintaining trust: Amidst AI’s promise lies challenges in maintaining trust within the payments ecosystem. Nair addressed data privacy concerns, model bias, and the need for transparent and ethical AI governance frameworks. By confronting these challenges head-on, stakeholders can foster a culture of trust and accountability that underpins the integrity of the payments system.
Education and transparency: Navigating the complexities of AI requires a concerted effort to educate stakeholders and cut through hyperbolic narratives. There is importance in fostering a deeper understanding of AI’s capabilities, limitations, and ethical considerations among consumers, businesses, and regulators. Through transparency and open dialogue, stakeholders can build trust in AI as a catalyst for positive change while mitigating potential risks and concerns.
We couldn’t conclude our series of daily recaps from Pay360 without giving a shout out to our dedicated team who have worked tirelessly over the past two days to ensure our time at the event was a resounding success.
They engaged in numerous conversations with fellow professionals who share our passion for combatting financial crime and advancing the payments sector.
Throughout Pay360, delegates, partners, investors, and curious onlookers visited our booth to witness WorkStation in action and grasp how we empower organisations to efficiently manage their compliance processes across the customer lifecycle.
If you didn’t manage to catch us at the event, please feel free to book a demo with one of our team here.
We eagerly anticipate next year!